Karlsruhe, 13 December 2010 – CRONIMET Mining GmbH, the specialist in primary raw materials, is now trading as a public limited company (“Aktiengesellschaft”) under the name CRONIMET Mining AG. The new company name was entered into the commercial register on 16 November 2010.
In 2009 the Zangezur Copper Molybdenum Combine CJSC (ZCMC) – company subsidiary of CRONIMET Mining GMBH – could produce a very good balance of accounts in spite of the worldwide financial crises. Through consistent cost management with simultaneous expansion in capacity the relative production cost could be reduced by 29.4 per cent.
The Zangezur Copper and Molybdenum Combine GAG (ZCMC) mine in Kajaran (Armenia), which is majority owned by the CRONIMET Group, Karlsruhe (Germany) has successfully mastered the economic crises. In October, when the economic crisis started, ZCMC was in the final phase of a large investment program for an amount of more than $200 million. Ore processing was increased from 8.5 million tons in 2005 - when the mine was acquired from the Armenian State - to app. 12 million tons in 2008.